Aradel: Should investors buy most capitalised oil stock on NGX?

It took Aradel within one day of being listed on the Nigerian Exchange to become the largest listed oil and gas stock, surpassing Seplat and Oando. Aradel Holdings, formerly known as Niger Delta Exploration and Production Company (NDEP), was incorporated in 1992 as Midas Drilling Fund. The name was changed in 1996 to NDEP Plc and to Aradel Holdings Plc in 2023. In January 2024, Aradel Holdings Plc came together with three other local upstream oil companies, ND Western, First E & P, and WalterSmith Group to form Renaissance Africa Ener